Construction Exceeds Economists' Expectations

ByJohn S. McClenahen Construction spending in the U.S. during November 2003 was at a seasonally adjusted annual rate of $934.5 billion, the U.S. Commerce Department reported on Jan. 5. The November rate was 1.2% higher than October's revised rate of $923.8 billion, a percentage increase more than twice the 0.5% economists generally expected. Private construction, which includes residential housing starts, last November was at a seasonally adjusted annual rate of $710.8 billion, up 1.2% from October's rate. Public construction, which includes schools and highways, was at a seasonally adjusted annual rate of $223.7 billion in November, up 1% from October's rate.